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1、PLANTANDINTANGIBLEASSETSChapter9FocuspointsAccountingtransactionoreventsforplantasset.Accountsforplant,intangibleandnaturalresources.Capitalandrevenueexpenditure.Long-livedassetsacquiredforuseinbusinessoperations.Similartolong-termprepaidexpensesThecostofplantassetsistheadvancepurch
2、aseofservices.Asyearspass,andtheservicesareused,thecostistransferredtodepreciationexpense.PlantAssetsMajorCategoriesofPlantAssetsAcquisition.Allocationoftheacquisitioncosttoexpenseovertheasset’susefullife(depreciation).Saleordisposal.AccountableEventsAssetprice...forgettingtheassett
3、othedesiredlocation....forgettingtheassetreadyforuse.CostAcquisitionofPlantAssets=Reasonableandnecessarycosts...+OnMay4,HeatCo.,anOhiomakerofstoves,buysanewmachinefromaTexascompany.Thenewmachinehasapriceof$52,000.Salestaxwascomputedat8%.HeatCo.pays$500shippingcosttogetthemachinetoOh
4、io.Afterthemachinearrives,set-upcostsof$1,300areincurred,alongwith$4,000intestingcosts.ComputethecostofHeatCo.’snewmachine.DeterminingCostDeterminingCostImprovementstolandsuchasdriveways,fences,andlandscapingarerecordedseparately.Costincludesrealestatecommissions,escrowfees,legalfee
5、s,clearingandgradingtheproperty.LandImprovementsLandSpecialConsiderationsRepairsmadepriortothebuildingbeingputinuseareconsideredpartofthebuilding’scost.BuildingsSpecialConsiderationsEquipmentRelatedinterest,insurance,andpropertytaxesaretreatedasexpensesofthecurrentperiod.IthinkI’llb
6、uythewholething;barn,land,andanimals.SpecialConsiderationsTheallocationisbasedontherelativeFairMarketValueofeachassetpurchased.Thetotalcostmustbeallocatedtoseparateaccountsforeachasset.AllocationofaLump-SumPurchaseCapital ExpenditureRevenue ExpenditureAnymaterialexpenditure thatwill
7、benefitseveral accountingperiods.Tocapitalizeanexpenditure meanstochargeittoanassetaccount.Expenditurefor ordinaryrepairs andmaintenance.Toexpenseanexpenditure meanstochargeittoanexpenseaccount.CapitalExpendituresandRevenueExpendituresTheallocationofthecostofaplantassettoexpenseinth
8、eperiodsinwhichserv
